Marais offers Chelsea affordable alternative

Real Estate Weekly, Nov 20, 2002 by Kathleen O'Hara

Real estate developer Hudson Chelsea Associates LLC has completed construction on its new building, The Marais, on 23rd Street between 10th and 11th Avenues. Located steps away from both Chelsea Piers and Hudson River Park, The Marais considers itself unique in that it is offering state-of-the-art housing at surprisingly affordable market prices, starting at $252,000 for a studio residence.

The Marais, named for a district in the city of Paris, is being touted as a luxurious, elegantly designed oasis in the middle of the city's emerging arts district. The 16-story, 107-unit building has studios, one- and two-bedroom apartments ranging in size from 450 to 945 SF, as well as 4,400 SF of retail space located on the ground floor. Building amenities include stainless kitchen appliances, audio/visual intercoms, 24-hour doorman, rooftop terrace and concierge service. In addition, two-bedroom apartments include a washer! dryer, and rear apartments overlook a landscaped courtyard.

"It's always been challenging to find an affordable home in the heart of the greatest city in the world," said Kim Nash, project manager with-The Hudson Companies. "The Marais not only offers Manhattan homeownership, but also provides an affordable residence situated in one of the city's most exciting districts."

According to Nash, the building is on a ground lease, which means that since there is no lease payment on the building itself, the company is able to pass significant savings over to prospective owners. Originally slated as a rental building, The Hudson Companies switched tacks and made the building a sale property when it became apparent that the current sales market was booming. There are currently several prospective retailers for the ground floor site, and approximately half of the apartments are already proceeding towards contract.

Coming in at a cost of $50 million, The Marais was financed by Roslyn Savings Bank with architectural firm Schuman Lichtenstein Claman Efron designing the space. Monadnock Construction was the general contractor for the project, which began in March 2001.